An important element in our EMP strategy was examined in detail at a workshop held in Bombay (India) during April 1988. This is the NonResident Account (NRA) system originated and sponsored by the Reserve Bank of India. This scheme encourages persons of Indian origin who are not resident in India to deposit money at much higher than usual interest rates. Further, given the required notice, funds are easily repatriable. The reason for the workshop will be obvious: following a personal direction from our President there are now 40 Indian desks strategically placed across BCC's global network and the NRA offers us our first chance to market a highly profitable product globally.
To say BCC is a global institution is not merely a form of words. It is laid upon every family member and every branch to think and act globally. More than one hundred other international financial institutions are competing ardently for this business but none are as well placed as is BCC to secure a significant proportion of it and no efforts must be spared to secure it.
Read the full issue here: BCC International - No. 40